PITTSBURGH, July 10, 2003 — Commercial and industrial electricity customers facing big changes in New Jersey have a new competitive option.
Strategic Energy, already supplying competitive electricity in seven other deregulated states, is introducing its services and expertise to New Jersey customers. The company sees a need for its expertise, because on August 1, 2003, the largest customers in the state will be switched from fixed pricing to hourly market-based rates.
As a result, these 1,700 customers grouped under Commercial and Industrial Energy Pricing (CIEP) will face price volatility they never experienced as fixed-price customers.
Furthermore, under New Jersey’s deregulation design, any of these large customers that remain with the state’s four major utilities will also pay an extra half-penny per kilowatt-hour (kWh) “Retail Margin” fee that was designed as an incentive for these customers to switch to a competitive supplier.
“After August 1, there’s no incentive for these accounts to remain with the utility,” said Rick Zomnir, President and CEO of Strategic Energy. “They have been advised, even by their utility, to switch to a competitive supplier — and Strategic Energy is the most reliable, experienced and financially secure option in the marketplace. We share a long-term commitment to every retail market we serve, and look forward to serving customers in New Jersey for many years to come.”
“As an objective electricity supplier, we present our customers with all of the information they need to make the best decision they can under the specific circumstances they face in each market,” Zomnir continued. “By choosing Strategic Energy, New Jersey’s CIEP customers will have options. Many customers will find that the decisions they face may be difficult. ‘Should I let my price float or lock it in? If I lock it in, when should I do it, and for how long?’ We can help make it a lot easier for a customer to answer some of these difficult questions.”
About Strategic Energy
Strategic Energy, headquartered in Pittsburgh since 1986, is a competitive supplier of retail electricity operating in eight states with deregulated energy markets including California, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania and Texas. For a management fee, Strategic Energy buys wholesale power under long-term contracts for direct delivery to retail customers under long-term contracts. Majority-owned by Great Plains Energy, Strategic Energy’s web site is www.sel.com.